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Search Results 0 to 49 of about 120 (some duplicates have been removed)
FOX
Dec 28, 2012 6:00am EST
>>> just days away from the fiscal cliff right now. can lawmaker reach a last- minute deal in time? a live report from capitol hill coming up. >> plus, a u.s. general way memorable military career has passed away. a look at the life and legacy of desert storm commander norman schwarzkopf. >> a redskins-cowboys preview with dave ross a little bit later. fox 5 morning news continues right now. right now. >> you can see how clear it is. clearly. friday, december 28th. good morning. i'm sarah simmons. h simmons. >> let's talk to tucker barnes about the weather. >> we are looking fine. it is chilly out there. kind of seasonbury chilly. temperatures back in the low to mid-30s and we'll be in for a decent day. about maybe 40, 42 today, partial sunshine. so friday looks good. tomorrow, things get a little more interesting as we've got this winter event on the way. not a huge event but it is an event. >> it is an event but not quite an event. >> okay. i'm just excited about it. >> you are allowed to be excite about it. we don't want to scare people. >> i know. i won't. >> 33 this morning at
CNBC
Dec 28, 2012 9:00am EST
going over the fiscal cliff? at the top of our short list, there's still time to take advantage of the gift tax. right now there's a $5 million exemption and the tax rate is 35%. at midnight on new year's eve, that exemption drops to just $1 million and the tax rate goes to 55%. the capital gains tax rate, of course, is expected to increase from 20 to 30%. there's brand-new 3.9% medicare tax on high wage earners and a tax for wealthy donations. primarily between house republicans and the obama white house in the senate. but a survey done by northern trust of high net worth individuals' priorities found 44% saying their top priority for the country is economic growth and reducing unemployment versus 19% for reducing the federal budget deficit. another 15% said they wanted to see an end to gridlock. good luck. now, as far as their own wealth preservation strategies. that same survey found high net worth persons, those with $5 million or more in assets, obviously much more proactive in anticipating the tax consequences of going over the cliff than those with $1 million or less in assets. simon? >> okay, hamp
ABC
Dec 28, 2012 5:30pm EST
different scenarios in washington, what it could moan for your money. for more on the fiscal cliff and a heated debate, check out an all brand-new episode of square off. the round table discussion airs right here on abc2 at 11 on sunday morning. >>> continuing coverage in the planned port strike. dock workers have been working on an expired contract. today the u.s. marry time alines and the long shoring association have agreed to a 30 day extension allowing for more time to negotiate a new deal. a major sticking point will have to be cleared up by january 28. it involves royalty payments for members based on each container they unload. >>> an early morning shootout at a new jersey police headquarters left three officers with wounds. >> how the suspect managed to get one of the officer's weapons. >> reporter: police raced to headquarters about 5:30 this morning responding to reports of gunfire. a man was brought into the station on domestic violence charges. >> the struggle occurred while the suspect was being processed. during the course of that, the suspect obtained a firearm and fired on three have our officers. right now we have one officer that was shot just below his bulletproof breast. >
FOX News
Dec 28, 2012 6:00am PST
minority leader mitch mcconnell say, look, we know we're on the edge of the fiscal cliff right now but that doesn't mean we're just going to sign off on anything. republicans are kind of holding their ground at this point and i believe that means there is a deal this weekend, if something happens in the white house today, it will require democrats to either change their stance on taxes and also include a promise of cuts and entitlement reform. otherwise, we really are looking at january 1 and the fiscal cliff happening. in which case a resolution won't happen until the new congress comes into session on january 3rd. gregg: that's right. we've been following not only the events on the floor but people stepping before microphones. here is representative jim moran. >> there are going to be voting sunday night and then probably watching the skins-cowboys fame in the cloakroom. then we'll, then we'll be in session on december 31st as well. gregg: what does he mean, we're going to vote sunday night? >> here's what might happen. both parties meet with the president today at the white house. t
MSNBC
Dec 28, 2012 2:30am PST
. understood is the decision. just let him know. >> like the fiscal cliff negotiations with the jets right there. sanchez had his best game of the season in week one against the bills. he threw for three touchdowns. the jets won back then. >>> to the nba, where the nets gave avery johnson his walking papers yesterday. they fired him after 2 1/2 years with the team. the nets who had high expectations because of a new arena, have slumped badly over the past month. they're 14-14 right now. sitting in seventh place right now in the eastern conference standings. yesterday, johnson addressed the call to let him go. >> you're a .500 team, two more home games at home that something like this would happen. this is ownership's decision. this is what we sign up for, i talked to you about this a couple of days ago, this is part of our business, fair or unfair, it doesn't matter. >> the nets assistant p.j. carlesimo will become the interim head coach. espn reports that phil jackson is the top target as the replacement. jackson's agent told him that he has no interest in coaching the nets. >>> coming up on mo
CNBC
Dec 28, 2012 3:00pm EST
fix on the fiscal cliff, but there are developments right now, as you know. brian just mentioning there. various congressional leaders and the president getting set to meet at the white house this hour to work on last-minute negotiations all in an effort to avoid those series of tax increases and spending cuts due to take effect next year. what we hear is the senate leaders are there. speaker boehner and minority leader nancy pelosi have yet to arrive, but now we're showing you live pictures. maybe somebody is going to get out of that car, and we'll see if any of the other leaders will be heading to the white house. this is speaker boehner right now heading into the white house. we'll keep you updated as this hour progresses here. >> indeed, meantime, more red arrows here on wall street as investors are awaiting for any signs of progress from the white house meeting which is about to get under way. right now we're sitting smack on 13,000. we've clawed back from being below that earlier on today. the nasdaq has also moved to the downside by half a percent as we speak. the s&p 500,
CNN
Dec 28, 2012 8:00am PST
what is that going to do to the fiscal cliff negotiations? >> right, there are a couple deadli deadlines actually coming up. january 2nd is the last day of the current congress. any bill that's been submitted, especially the bills that have been passed, the deal with the fiscal cliff, those bills would be worthless. they would go into paper and everything would have to start from scratch. the new congress would have to start a bill and start the process from the beginning. now there are some tricks that congress has to try to speed things up when it wants to. so to some degree, it's not that big of a deal. if there was a deal in the offing, january 3rd, enough votes for it, they could get around the hurdles. but i'm glad you brought up the deadlines because another one is tomorrow. unemployment benefits run out tomorrow for 1 million people. not true. the unemployment portion of the fiscal cliff actually hits us tomorrow. and that's when 1 million people are estimated to see unemployment benefits run out. and tomorrow is also the day that the house will return. i know we said t
CBS
Dec 28, 2012 6:30pm EST
with, jeff, contributed to the fiscal cliff that we're facing right now. >> glor: the president says this just keeps happening again and again. nancy cordes, thank you. income taxes won't be the only taxes going up, if there's no agreement. estate taxes paid by those who inherit property will also jump. here's john blackstone. >> reporter: jeff page owns 120-acre vineyard in california's napa vail vale but when his great-grandfather started farming here in the late 1800s, this was cattle country. >> both sides of the family came in before the turn of the century, and farmed orchard fruit and cattle. >> reporter: but much of the land she grew up on is gone, sold to pay estate taxes after his grandfather's death. had land back in the hills over there? >> yeah. >> reporter: had to sell it all. >> had to sell all of it? >> reporter: estate tax? >> yes. >> his grandfather died in 1972 when estate taxes were at an all-time high, 77%. >> it was a big tax bill. it was half a million dollars we sold off 150 acres, gave us something to pay the tax with. >> reporter: now, jeff and his wife
FOX Business
Dec 28, 2012 11:00am EST
. a good year for tech. the vix up above 20. fear of the fiscal cliff and traders saying, all right, we have this idea of a deal getting done baked into the markets, but maybe that's going to unravel a little bit. barnes and noble share, stock up more than 6 #% as i speak. the news is both good and bad. bad news first. they say the holiday period and sales trends will not meet expectations, and the reason for that is the nook business at the same time peerson investing a lot of money in the nook business so two pieces of news affecting the stock today, but it is a winner. look at that volume. pretty good. back to you. dagen: thank you, lauren. two hours to go until an 11th hour meeting between washington and the leaders. any kind of compromise? rich edson's live on capitol hill with up-to-the-minute developments. rich, what do you know? >> republicans anticipating or expecting president obama and democrats to offer a fiscal cliff deal, perhaps a scaled back proposal, but, still, no indication that's going to happen this afternoon. the senate is in session. the house returns sunday. they
MSNBC
Dec 28, 2012 11:00am PST
go before the fiscal cliff strikes. >> all right. always a pleasure. thank you, sir. >> good to be with you. >>> major break today in negotiations between dock workers and port operators puts off at least for now a port strike that would have shut down nearly all shipping traffic along the east and gulf coast. a federal mediator says that the union and group representing the shipping lines agreed to a 30-day contract extension narrowly averting the sunday strike deadline. business groups warn that the economic impact of such a work stoppage is disaster. joining me is nbc's ron mott. for folks not following the story, how did we get here? >> reporter: folks haven't because they're paying attention to the fiscal cliff. this was lurking in the shadows and today moved the ball down the field for 30 days and may be talking about a strike again in 30 days but the big issue here was this so-called container royalty that the shipping companies pay to the union members who actually the guys and men and women offloading the big ships and the containers with things like tvs and shoes and clot
FOX Business
Dec 28, 2012 3:00pm EST
, at the white hoose. we'll see what may or may not come from that. the fiscal cliff, which companies get hurt the most if we go right over that cliff? elizabeth ma cdonald is here with the bottom line. what are we looking at for bad news for what companies? >> walmart hand capped this and have their score card. a number of companies will, you know, dive over the fiscal cliff, and i'm tired of the "fiscal cliff" term, pardon me, it's a manmade term, the fc, whatever happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for example, and there's a lot of sales from government contracts. you'll see in here, look at that, motorola, holdings in and waste management companies like waste management and republic services, ashley. ashley: what are the stock prices on the companies, iz? >> good point. goldman sachs warned since 2011 when that debt ceiling crisis hit in the summer of 2011 that triggered the fiscal cl
CNN
Dec 28, 2012 9:00am PST
the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do we know about the president's plan to get everybody in the same room? do we think there's going to be something that comes out of this? >> reporter: well, this is one of those cases where we really are going to have to wait and see, and all the parties involved are also going in with a big question mark. the idea is the expectation by many of the participants in the meeting is that they hope that they will be able to discuss more details about a scaled-down fiscal cliff plan. and maybe that could lead to some sort of agreement ideally for all parties in which all the senators say that they will not filibuster it, and it can go to a vote. and then speaker boehner could, in theory, agree to bring it to a vote on the house floor after the house comes back on sunday. and then we would get all of t
PBS
Dec 28, 2012 1:00am PST
" saying if we go over the fiscal cliff he sees unemployment, the unemployment rate getting up to 11%. does that number make sense to you right? right now we're at a little above 7, almost 8%. >> that seems a little pessimistic in my mind but even if we're talking about nine or 10 percent unemployment given we have seen modest progress to date it would be unfortunate conversation and clearly sub optimal from the u.s. economic perspective. so when unemployment starts to rise, it tends to be persistent and gain momentum and we want to try to avoid that at almost any cost so this is something that, even if we hit 9%, they would clearly be recessionary if we were talking about than the six months from now. >> and what about the economic status of the u.s.? in the world? there's been a lot of talk about a downgrade of the u.s.' credit rating. do you see that happening? and what would that mean? >> well, it clear has has happened in the past from s and p and it could very happen through moody's. i think it's symbolic of the long-term structural imbalances that we need to address clearly as a nation. we are still however, susie, as clearly
PBS
Dec 27, 2012 4:30pm PST
reaching a nano-deal. >> the minimal that they can put together to avoid the fiscal cliff which will have sadly almost no impact on the long- term debt trajectory, but right now, neither markets nor the congress care about that. >> reporter: congress has never been terrific at long-range planning, but now the definition of long range seems to be 48 hours. >> you don't hear people talking, well a year from now, we allyeed to be here. you hear, well we need to do that this week. we need to do that day after tomorrow. this short-time frame horizon is new and i think people who think we are going to have tax reform and entitlement reform next year are way, way off base. >> cutting short his vacation but it's unclear whether he has the power to force a last minute solution through a deeply divided congress. >> darren gersh. >> so, joe, how bad could that be? >> i had, susie. unfortunately, the economy has been gaining momentum, if you look at the labor market as well as housing making progress. but if we would see a fall from the fiscal cliff, it's not in our own estimates that those in the congressional budget office would be enough to impart a recession in the f
FOX Business
Dec 28, 2012 5:00pm EST
thanks to the fiscal cliff of all things. that is coming up. of course president obama comments on the fiscal cliff at 5:45 eastern. keep it right here on fox business because, do you ever have too much money? so, , this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. adam: that's a live picture of the white house inside the press briefing room. president obama is going to make comments from the pest room 5:45 eastern regarding the fiscal cliff. as soon as he comes into the briefing room and takes to the podium fox business will bring us his statement live right here. >>> but firsts more sabre-rattling coming out of iran. the rogue state launching major military exercises. served in the u.s. navy for 11 years. i would imagine. you were in at some point ever in the persian gulf area? >> i was o
KRON
Dec 28, 2012 4:00am PST
of waiting and worrying, as lawmakers fumble to find a solution to the fast approaching fiscal cliff. stock futures are stating right now, on hopes set a round of talks in washington will lead to a breakthrough in the fiscal cliff negotiations. fair to reach a deal could push the u.s. economy into recession. the cethe uncertain see has taken a toll on markets. stocks were sold off for four straight sessions as hopes for a substantial budget agreement have diminished, and all three indexes are on track to end of december in negative territory. the dow was down 150 yester day but closed down just 18 points. after work week that investors in the house of representatives would be reconvening on sunday. >> amazon has announce this year's holiday sales as their biggest ever. consumers purchased 306 items per cent and on their peak day this season. amazons says that customers ordered 26 and a half million items on cyber monday. that's a new record for the online retailer. amazons set another record on christmas day for digital download. the kendall continues to dominate the web sites best sellers. the kendall fire 80 tablet le
CNBC
Dec 28, 2012 6:00am EST
to avoid the fiscal cliff. >>> the dow erases a 150 point decline on news that the house will be back in session on sunday evening. and time is rubbing out to avoid a strike at 14 major east coast ports. a work stoppage to cost the economy $1 billion a day. it's friday, december 28th, 2012. and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. and it does feel like we're living a bit on the edge of the fiscal cliff, at least. i'm andrew ross sorkin along with joe kernen and becky quick is off today. our guest host this hour, ed kehone. he's the management associate portfolio manager and we are thrilled to have ed aboard for -- i think you'll be here for longer than an hour. you'll be here for the whole broadcast. >> as long as you need me. >> you're like -- how long were you at -- you were at prudential. >> it's owned by prudential, so i've been at peru don'tal for almost 15 years now. >> widely quoted. you know who has made a comeback is ralph -- >> akampora. >> i've seen him around. do you remember his nickname? >> i don't. >> whatever you think of him, he's a great guy. >> he's a good guy. >> ed is going to try to make us slightly -- >> be a little sensitive. let's get you some some of the morning headlines. the biggest one being president obama planning to meet with congressional leaders at 3:00 p.m. eastern time today in a last ditch effort to avoid the fiscal cliff. the house majority leader eric cantor is now telling members to be prepared to work through january 2nd. both sides still far apart, however, on taxes and spending cuts. senate majority leader harry reid says prospects for a deal by monday are still unlikely. there was a lot of movement, motion for not a lot of action. >> where were you yesterday? >> i was here. we were together. >> were we ever with our -- no. but there were duelling senate leaders just -- first mcconnell came on. and he said -- did you see either one of those? >> i did. >> did you see harry reid? >> there's no chance of -- >> but if you think -- i want to rise above. there was so little of anything close to that yesterday other than just the -- i mean, people at home must be like, it's the endless blaming and finger pointing and, you know, when one side says it's all the other side's fault and all the other side comes on and says people at home aren't going, wow, i believe you, harry. or i believe i, mitch. they're saying you're both losers, right? >> right. >> my real concern is this is what the current version of america actually voted for. >> the house is different. all politics is local. harry reid, you know which interest he satisfies. >> they're not that far apart. if you look at the negotiating positions, they're not -- >> they're emotionally far apart. >> for that bigger deal. >> so, really, the numbers aren't that different. you would think with even a small amount of good will they could find -- >> i'll tell you, listening to harry reid, it was once again the only people in the country that don't want to raise taxes on rich people are the republicans that are in the house. but i didn't hear anything about corporate tax reform, i didn't hear anything about reforming the overall tax code, i didn't hear anything about entitlements. i didn't hear anything about spending. we're at 25% of spending as a percentage of gdp and they hold the debate on raising taxes on the top 2%. they're gotten it to where we're going, yeah, it's taxes and we don't expect them, we don't demand that they talk about a bigger deal to avoid our long-term problems. harry is self-righteous about not doing the taxes, but where is he on what we need to do to if it fix of structural bargaining. >> i think we're looking at a grand bargaining in february now. it's going to be one grand omnibus plan. >> you have to include the debt ceiling in the overall deal. and any baby deal they do now is not going to stop that. >> and then you've got the republicans. all the norquist guys will be able to go home after january 1st and say, i voted to cut taxes on the 98%. and that's just -- you know, that's semantics. that's what we've been waiting around for. so it's not -- you know, it's just which side of the cliff you're on. >> i don't mind grover. he's not even an elected official. >> i like grover. i think he's an interesting guy. >> that's like i respect -- there's always a but coming after that. >> i think there's a little bit too much ideology and he's too rigid. but require respective of that, i would like to have a congress person on who signed the pledge who said i can't sign it today, but i'm happy to sign it on january 2nd. >> will they admit that? >> we've gotten ahead of ourselves on our spending, okay? and i understand maybe you need somehow to just concede that we've spent it so we need to pay for it. but if you take norquist at face value, at the turn of the 20th century where government spending was 9% of gdp, we're now at 25%. there are some that say, take what we give you and retrofit government to the size of 19% or 20%. do that first. he just wants to shrink what it's grown to, this unwielding federal government that -- don't you think 25% needs to come down? >> well, part of that is cyclical. >> okay. so at 3%? >> 21, 22. >> i would say 22. >> so we have to get it down to 20.5. >> the three big beasts in the budget remain medicare/medicaid, social security and defense. you have to cut almost everything else to zero to get close to balance or to make a big difference. so i think in today's world, given that those entitlements, even if you reform them and cut back back will increase as people like us eventually retire. it seems to me that sizing the government for something around 22 or so is probably doable. but not easy to get to. because you still have to have major cuts and major long titlement reform to get there. >> you see one of the major ceo guys, and i'm not going to quote which one, said yesterday looking for premiums on insurance to double because of obama care. and he said -- he made it very clear. he said we're going to cover 30 million people that aren't covered right now and it has to be paid for. irchbls's premiums are going to double. that they didn't tell us. >> that the costs would be up slightly. >> also, that's 30 million, 10% of the population. >> and that he they gave numbers to the cbo that said we were going to cut the deficit. and, in fact, it was a new entitlement that now is going to cost $12 trillion. we're not that far apart on that issue. i've always thought it would cost a lot of money. >> we're going to have your wife call into the show a little later. >> there is a place of frustration there in any twosome, there's a place for someone who doesn't have to be. >> that's true. you're carson. >> can you do that? >> well -- >> you can't do ed mcmahon? >> i'll work on that. who was conan scott? he had a guy, andy richter. >> no, don't do that. you would have to put on a bunch of weight. >> andy was from my hometown in massachusetts. >> was he? >> yeah. >> let's check on the markets. down 47. we came back, closed down just 18 points yesterday. that's the first time in history where someone said that the house coming back in the markets went you up. usually the government comes into session and the markets go down. we're indicated down about 47 points today. oil has been amazingly strong considering that if we -- you know, the forecast for going over the cliff and shaving 2 points off of gdp, i would think that oil would start to pull back a little. no more board. it is the day before a holiday. it could be gremlins. >> and the snow is coming, by the way. >> yeah. the snow turned into rain. >> yesterday, but tomorrow -- i think we're going to do weather later. issue not try to -- i don't want to front run reynolds wolf. >> is today the 1st? >> i do believe it's supposed to snow tomorrow. >> it's winter. >> 1 to 3 inches is wa i'm told, but reynolds may have a better estimate. >> we're going to get to reynolds. it may be eric fisher or someone else. >> they're all good. >> go ahead. >> me? no, no, time for the global markets report. and with that, for the global markets report, we are going to go to lon where kelly evans looking splendid in a pant suit. wow, you look like you're about six feet tall or seven feet tall, kelly. >> just over six feet tall, joe. i'm pretty well this morning. can't say the same for european markets which are pretty much all in the red and losses have been picking up in the last hour or so as we've seen renewed concern about the u.s. fiscal cliff whether a negotiation could be reached. we saw some optimism in the asian session overnight. i want to draw your attention to the most important story potentially for 20123 and that's what's happening in japan. you guys may recall yesterday it was up .9%. this market has been on a tear this year. it's up more than 20 one of the best asset classes. the yen continues to weaken. there's two reasons why we're focusing here. we got weak economic data out of japan. industrial production decline. we saw core consumer prices decline. we can show you, though, what's happening with the yen. we're seeing the new finance minister coming out and saying to other countries, you know, look, we're not trying to materially weaken our yen and you have no place to accuse us of doing so. he says a strong dollar policy would benefit the u.s. very much so. and, again, might benefit japan, too, because that will make it a lot easier to get that yen lower. today, the dollar/yen is up .2% because it's important at this junction now that we've seen the new government come in, now that we've seen the new cabinet ministers, people who were expecting a lot of fiscal and monetary magic from to look at the data overnight and be reminded that it's no guarantee japan will magically be able to rejiger its economy to reach a new inflation target. weak set of data. tough talk this morning. the dollar/yen is firmer. the euro/dollar is weaker by about .5%. we can consider this the risk off proxy trade for the fiscal cliff at this point which i will say in a quiet news day is pretty much the main activity driving markets. come monday, we've been hearing our guests across europe telling us they are worried about the way we can see markets trade lower once people come back and realize we haven't had any agreement reached on the fiscal cliff. and that essential doesn't look likely at this point. >> okay, kelly. i couldn't help detect a little -- i mean, you're over there now. you're international. the most important story of 2013 is something with japan? >> yes, joe. >> though, no, no. it's here. >> yes, yes, nope. >> that's the third biggest thing. that's a little tail. that doesn't wag the big st. bernard that is the united states. >> here is one reason. japan isn't necessarily important because of the size of its economy. so if you're talking about global gpt growth, the u.s. is still the juggernaut there. >> fiscal abyss. fiscal abyss. >> japan is not only the leading gauge of what is happening across europe, but potentially what could happen in the u.s. if these policies aren't -- enough. it's will case of this extremely high debt load, something we're discussing in the u.s. and europe right now. if it manages to engineer these more stimulative engineering policies could have a major problem on its hands. we're seeing the share of domestic debt falling, more and more debt being held in japan, joe, by the way could end up being a huge buyer of government securities from other countries. >> it's a little island, kelly. >> tiny island, hugely important. >> no economy and no one has even noticed. you know what you just remind me of, that little girl in the front row going, oh, oh, and everybody else is going, how much is she going to have to say? >> joe, this is not an issue that is just me. if you ask people around the world whether they're in europe or whether they're in the u.s., japan matters. it is a fascinating experiment. mark my words, you would be talking about this a lot next year. >> and you're shaking at the sent rick, the u.s. centric viewpoint we have here. the fiscal cliff. you're jealous you're in the over here to talk about the fiscal cliff. >> it is warranted today. you can talk about the fiscal cliff all you want. today at least it is the only thing that people seem to be talking about around the globe. congratulations, washington. >> see you later. japan, we have to keep all eyes on japan. >> that guy abe. what's his name? >> abe. you're talking about abe? >> that is the guy. honest abe. >> by the way, we have to talk about the john carney story. >> let me read it first. >> we can do that, too. >>> coming up, why investors member willing to take on more risk in 2013. first, as we head to a break, take a look at yesterday's winners and losers. >> that was wonderful. bravo. >> i loved that. it was great. >> it wasn't bad. >> there were parts of it that could have been a lot better. >> it was pretty terrible. >> it was awful. >> boo! 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[ male announcer ] glucerna hunger smart. a smart way to help manage hunger and diabetes. you can stay in and share something... or you can get out there and actually share something. ♪ the lexus december to remember sales event is on. this is the pursuit of perfection. >>> welcome back to "squawk box" this morning. take a look at the futures this morning. we do have red arrows across the board as the fiscal cliff discussion seems to be going nowhere. dow looks like it would open down almost 55 points off. nasdaq would be off about 14 points and the s&p 500 would open off at least five points. we'll see how that sets up for the rest of the day, joe, but it does look like we are now starting to see the impact of these negotiations on the markets, something we had not seen up until the past, say, 48, 72 hours. >> tried to put in a question yesterday, which was stock markets, if you're going to -- if they know there's a recession coming, they go down. so if you just connect the dots, if the fiscal cliff, we go over it and we stay over it, if it does create -- >> gdp growth by two points. then the stock market would go down. so i was saying maybe either it's not a given, but going over crosses the economy to slow or the market still doesn't believe we're going over. but during the session, the markets believe we're going over and we saw the vix spike about 20. >> it's difficult to believe the political process is going to kill the economy. i think some people will be work youed out so the biggest impacts of the fiscal cliff would be avoided or at least postponed. but people are nervous and especially it's thin markets in a holiday session, any little bit of news can moch the markets a lot. but i don't believe that most market participants thinking that the worst is going to hit the u.s. economy. >> most lawmakers are now trying to avoid the fiscal cliff. 14i7ers meanwhile are trying to vied a strike at more than a dozen ports. we're talking about 14,000 longshoremen would walk off their job when the contract expires on december 0th. sunday, i think, isn't it? the biggest issue is on container royalties which are paid to union workers. they get part of it based on the weight of the cargo. a strike could hurt exports, factories, also it would affect retailers who are awaiting shipments of spring merchandise. now it's important. we're going to go to today's national weather forecast. last year, reynolds, you would come on, you would try and make it interesting. but it wasn't. this year, it's every day we need to, you know, dvr you because there's a lot going on. >> oh, that's certainly the case. it's been really like an assembly line. one storm system after another rolling across the continent that has been affecting millions of americans. what we're seeing is that last storm that we call euclid now leaving the u.s. and bringing residual snow showers behind the east. right behind it now, we have at another system making its way towards the coast this weekend. for much of the eastern seaboard, we expect fairly tranquil positions. much of south texas could see rainfall. dallas, texas, rain early. and improving through the rest of the day. and then the west coast is getting a little bit of a respite this weekend. but still from half moon bay northward to portland, expect showers out there and possibility snow in the mountains of the pacific northwest. let's talk about the flight delays chances for today and through the weekend. a lot of people will be traveling today. you can expect some delays in places like syracuse. tomorrow, the travel situation actually gets worse. back ups are possibly in region regional airports, washington, d.c., philly and into pittsburgh. things will improve sunday. snow showers are a possibility, but all things considered should not hamper travel too badly. >> what is this next thing going, euclid is going? >> i am embarrassed to say i do not know the next one. i have your hurricane names down pat. >> god in my ear just told me the next one. what's it called again? frair? >> yes, i believe it's friar or frair. there you go. >> now you know. now watch, reynolds is going to go on all these other hits and he's going to go oh, the next one is called -- he's going to take it and it's going to be his, right? i know how you operate. i'm into it now. i thought it was hokie at first. but we should call these things something so we know what it's talking about the. >> we can get so many things from your show. i always listen to you guys trying to give financial advice. now we're going to get metrological advice from you guys. got to love it. >> when can you name a storm kernan? how big would that storm have to be? >> it's going to have to affect millions of people. >> a lot of wind. >> a lot of wind. >> breaking a lot of wind. a lot of hot air. reynolds, thank you. >> a summer storm. >> time for a squawk sports update. we're right in the middle of bowl season. i knew this was on last night, but it was on too late. cincinnati bear cats managed to outgun the blue devils from duke. but then the basketball team of cincinnati lost. brendan kay through four touchdown passes. the bearcats won without the head coach butch jones who left at the end of the season to take a job at the university of tennessee. and baylor destroyed ucla, 49-26 in the holiday bowl. baylor quarterback nick florence became the school's single season leading passer taking out rg3 for the recorder. a big game coming up this weekend. it will be huge. i can't wait. sunday night football on nbc. >> on nbc. >> on nbc. romo versus rg3. >> and you might be there live. >> i'm going to be there live. and then we're going to do the show with harwood, with john harwood from d.c. would it hurt you terribly if we were to do those all with john? i guess it was. >> that might hurt me. >> okay. no lionel richie. >> there's still a tremendous amount of cash sitting on the sidelines. one of the big questions is whether it's going to get put to work if the fiscal cliff dust settles in washington. joining us now from ft. lauderdale, rich steinberg of steinberg asset management and our guest host for -- not just the hour, but for the program. what do you think down there in ft. lauderdale? first of all, do you think that the dust is going to settle at all over the next three days? >> well, if it does settle, it will be a mini deal because i think the republicans will hold the debt ceiling talks over the democrats heads going into the end of february. and, you know, it's kind of like halloween where your kids come home and they're trying to trade candy like, oh, i don't like this snickers kb whiff this. i think today they're going to start that process. they're going to have to try to come to a quick deal at least to get some solution for the amt issue, for the sequester and for unemployment. but even if we go off the cliff to markets, markets react to the unexpected, not the expected. >> knot nobody loves to market climb, but assuming you do have cash on the sidelines, people profit trying to get out of the market ahead of whatever mess we're in right now, when do you go back in? do you go back in? and how do you do it? >> i think it's hard to be all in or all out. in the portfolio that i run at the firm, i have like a 20% hedge on my phone so i can take money on and off. and just cds sitting on the sidelines. we've had a lot of new cash come in. what you do is you put half your money to work. you look at the next 25% of increments on the way down. if there's jumpiness in the market. >> and ed, how much more jumpiness do you think we have to go here? >> probably a while. there's still going to be at leefrt just mechanically a few weeks -- >> so if you're sitting on the sidelines, you should say on the sidelines right somehow? >> we have very little cash in the portfolios that we manage. we are overweight by assettes. we're also believing that in the long run, the u.s. economy is doing a little bit better and is going to gain some traction this year. even though there's ups and downs, we think a deal will eventually -- >> but i know a number of people who have been sort of building a little kiddy, waiting for a day that looks something like 2008 in the fall where they think there's going to be some massive opportunity that if they just, you know, have the courage to do it, is that day ever going to come? >> i think it's best you test the 1350 level on the s&p which is the low end of the range after the election. that cash will be like a tightened spring that when things come to fruition and we get a resolution, you're going to get a bump in this. the s&p is going to earn $1.05 next year at 13 1/2 or 14 times earnings, you could get 1550 on the s&p. but more importantly, the ten years at the 1.77 yield right now. consensus is at 2.17. if it gets there, the ten-year note will lose 1.7% next year and you're going to continue to see endowments and pension money shifting to riskier assets like the others just said. and republicans missed a lot of this market this year. markets overseas are up high, 17%, 15% and i think they're going to want to be back in and living will be back on. >> we're going to leave it there. thank you and thank you to ed. we're going to have more from you, will, of course, throughout the show. >> thanks, guys. >>> still to come on squawk, you can't afford to wait until 9:30 to see how stocks are going to open. plus, the flight to safety. nervous investors are not parking money where you would traditionally expect. and speaking of the nation's capital, we're going to turn to two political strategists for help in our increasingly sort of frustrating quest to rise above what needs to be done to get a fiscal cliff deal signed, sealed and delivered. but first, an american military hero has died. norman schwarzkopf passed away in florida yesterday. popularly known an stormin' norm norman. he liberated kuwait from saddam hussein. general schwarzkopf was 78. we can see you carl. we can totally see you. come on you're better than this...all that prowling around. yeah, you're the king of the jungle. have you thought about going vegan carl? 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[ all ] i'm with scottrade. >>> good morning and welcome back to "squawk box" here on cnbc. i'm joe kernen along with andrew ross sorkin. becky quick enjoying some more time off today. in the headlines this morning, the justice department is investigating hewlett packard. allegations that britain's autonomy engaged in accounting fraud before its acquisition by hewlett packard last year. hue let, you might recall paid more than $11 billion for autonomy. hard to read that without laughing almost. isn't it? >> yeah. where is beezus right now? >> exactly. they recently took a $9 billion write-down claiming accounting issues. they could eventually take two more billion probably. which would make it a zero -- >> if the justice department wasn't investigating this after they came out and made this big statement, that would be news. >> like the opposite. opposite day. they have to look. >> do you remember object sit? >> of course i remember opposite day. >> do you remember the seinfeld? >> yeah, i do. yes. >> this is something that we can meet on maybe. seinfeld. >> seinfeld. >> all right. president obama meets with top congressional leaders this afternoon with time running out to avoid the cliff. the house will be back in session on sunday to try to deal with the issue. we haven't had enough time, you know, two years. when is the last time we had a budget? >> harry reid was just -- wasn't he great yesterday talking about mitch mcconnell and the republicans? no budget. >> and more than 14,000 longshoremen could go on strike this weekend because of a contract dispute. a walkout would close cargo ports. some estimates say a strike could cost the economy $1 billion a day. which would add up. it would kind of counteract the 85 billion. but bernanke is doing 2 billion a day, right? >> more. >> 2.5, yeah. so that would take away -- we could easily rachet it up. unless the printing presses overheat at that point. let's check on the markets this morning. the futures were indicated lower based on angst. there it is worse. it was down 40 earlier, not out 62. they were down 150 at one point. came back down to 18. we're somewhere. >> between there. let's check out some of these other boards that maybe we missed in the last hour. europe, europe is even moving on angst about the fiscal cliff or that stuff in japan. i don't know. very close. it's one or the other. let's check out asia. asia is actually up this morning. and then let's check out the oil board. oil is still strong, which makes me -- i don't know which market you look at to decide on whether we get something settled or not, but i think oil is pretty telling that it hasn't cracked at all. the ten-year has been under 1.8 recently. it's -- >> hold on. you think oil traders are smarter than bond traders and -- >> well, bond trade ers have be for years massed by fedex and central bank action. the stock market, these guys main line bernanke's stimulus and they -- you know -- >> the oil guys are -- >> no, i don't think they're the straightest. i just think that you would really -- if you thought the u.s. was going to go into a recession imminently, i don't think oil would save us. do you? >> no. >> let's check out the dollar. maybe the dollar -- that's a big -- you know, foreign currencies, you can learn a lot from. 1.31 and back 86 now on the yen. and then, gold, this might tell you something eventually, too. there's so many different things that affect gold can affect a -- it seems like positive and negative things can happen at the same time with goal, right? how would the fiscal cliff, if we went over, affect gold, do you think? >> i think in the long run, gold will do worse if people start to think that interest rates rise. if dwrur going to park your safe money somewhere else, gold is a negative cash flow asset. >> and why wouldn't gold go up if we were going over the cliff? >> it would. in other words, if we do go over the cliff, you would expect gold to do better. >> and the stock market is. and the stock market hasn't done that badly at all. we're at 15% total return on the year. so if you just listen to the news, you would think we might be down but really, we had a very good year. are you going to be able to introduce this guy, andrew? he has more vowels in his last name than consonants. >> let's go to the futures pits where bob iaccino is standing together. >> would you say chee-no, bob? >> would you like it in english or italian? >> iaccino. with that singing. >> wa part of italy, do you know? >> cosanza is the town. it's the foot of the boot. >> not a bad part of italy. >> no, there's really not. >> bob, help us here. >> i don't know if i can. >> you've got to. >> rise above, bob. >> just explain the volatility issue at a minimum. where do we go over the next two days of trading? we have today, we have monday and obviously we don't have tuesday. >> well, i don't know that we do a whole lot. i believe markets are just on the sidelines since before the start of the holidays for the most part. i believe there were some people holding out waiting for a fiscal cliff solution. i think we're going over the cliff, but we're grabbing one of those cartoon roots sticking out as we go over it. i think it will be a matter of days before just the political pressure of going over the cliff causes them to do about a 12-month deal. it's just -- i don't know. i hesitate to say the word ridiculous, but it's just ridiculous to watch. so market participants, the short-term market participants are on the sidelines. i think we're looking at about a 12-month deal and nothing more. i think we do go over the cliff, but it's a matter of days. the charts are telling me that, too. >> have you found anyone on the floor who decide, you know what? this may be a great opportunity. to the extent we get a deal, the market is going to rally? do we believe that? >> yes, we believe it's going to be a great short-term opportunity. there's cascading support in the s&p. there's 1396. there's 1374. seems like big dips to go down $25 from where we're at now. but i think people aren't necessarily that long, the short-term traders aren't that long the s&p right now. that's why you're not seeing as big of a sell-off as we go towards the cliff. it should be more dramatic. i don't think anybody believes we're going to be over the cliff for that long. >> so prevailing view, when you say not that long, i've made the case that we could be talking about this exact same -- having the same conversations end of january, even early february. >> i don't -- >> i don't think it will go into february. i really don't. i think it will be the new congress, you know, coming in with all kind of bluster. this is the first thing they want to go done. ambition from the new congress. there's really not a whole lot -- i believe president obama thinks he can blame the republicans and history will be kind to him if he does. i don't know about a recession. i think we get about a 12-month deal. but there's still a lot of headwinds. that longshoreman's strike knot a small !mnw34>> welcome back pop "squawk box." dow looks like it would open down. it's gotten worse this morning. up about 67 points. s&p would be off over 6 points. the fass dak would be off over 14 points. >> and we weren't in the -- that down a few minutes ago. >> right. >> what did bob iaccino say? >> it might not have been him. >> is ed doing it? who is doing it? >> anybody who had any real money to trade would have traded it before the holidays. very, very thin markets right now. >> and i don't know if we're going to have a chance to talk about your -- >> yeah, we will have a chance to talk about that. think about it. if you were the estate tax deal. there's so many facets to the cliff, but it used to be the first $5 million you could give and then it was 35% tax. after the fiscal cliff, it's only a million. >> a million. >> and then 55%. that's unbelievable. >> a big change. we're going to talk about it. john will be here to talk about it in a little bit. >> the yields on the ten-year note holding steady for most of 2012. which is surprising. the bond markets could be getting a boost from heightening fiscal cliff fears. joining us, kevin keegan. how do we know what's what versus bernanke? he gets to decide where things are, doesn't he? >> well, joe, it's a little bit like this. let me set it up for you. it's like a crazy family reup. you've got to equity guys who we'll call those like the kids because they're always excited about something that's going to happen. you've got to bond guys sitting on the couch and you've got to oil guys. they're looking out the window taking a look at what's going on happen. and then you've got your crazy uncle. we'll call him sam. uncle sam is out there, he has the lamp shade on his head. we're waiting to see whether uncle sam is going to step up on the balcony and tried to make it to the pool. the market is going to trade 170, 180 in the ten years until that happens. but what's going the happen in all likelihood is we're going to go over the cliff and not that much is going to change in the bond market because there's a number of things that could happen that can correct this. you can retroactive tax and things like that. it's going to take a while to play out, but right now, we're going to wait and see what happens. we'll react to it. but the fed who is going to be in the market is going to take is in the market. >> that's what i mean. isn't it as simple as anything that makes the economy less certain and slower gives cover to bernanke and the fed to continue to extraordinary easing cycle that they're in. so anything that isn't stimulative gives them reason to continue with what they're doing in keeping rates low. and the oldest rule in the book is don't fight the fed. why isn't it that simple? >> it is exactly that simple. they've already said, look, as long as unemployment is above 6.5%, they're going to come in and continue to buy into the market. here we are at 7.7 with little chance of making our way to 6.5 in the next six months to a year. so the fed is in the market knows that and they're playing that. the problem is with any little increase, what the fed is trying to do, obviously, is force investors out of risk-free assets into riskier ones like equities, like corporate bonds. so there's a bit of a tug of war going back and forth, even know that the fed is in. right now, consumer confidence was abysmal yesterday. all those are likely to give fuel to the markets to keep staying in the safe haven trades. i don't see it going to 1.5% unless we actually go off the cliff and head towards a recession. we are still going to be under 2% for quite a while. >> all right, kevin. anyone ever think about calling you j.j.? is that your nickname? >> i think you did about seven years ago and continue to do so, but -- >> i'm the only one? >> i look anything like nicholson. i appreciate it, though. it's good to be remembered for something. >> i think it is, too. i like the second one, too. the second "chinatown" was pretty good. j.j., thank you. good to see you. >> all right, joe. thanks. >> harvey, amazing in the second -- did you see the second one? >> i did. >> you did? >> i did. i'm not like a total -- >> well one kind of are. >> okay. coming up, death and taxes. a chat on the morning's most off beat comments. if you think squawk has been interesting so far, i promise you you haven't seen anything yet. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. have a super sparkly day! ok. 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[ all ] i'm with scottrade. you can stay in and like something... or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. >>> "squawk" is back. and will the fiscal cliff accelerate millionaire debt? that's the topic of a piece by john carney here at cnbc. running on the front page across the banner of the drudge report this morning. it's a fascinating piece. what's so fascinating about it is the suggestion that because the estate tax is going to change, it's going to go currently from 55% -- i'm sorry, 35% at $5 million limit up to 55% and a $1 million limit, that basically grandmothers and grandfathers -- >> need to worry? >> people who are on ventilators are going to basically start -- families are going to start pulling the plug in the next three days. that's the implication of the piece, sort of a -- >> right. whether that could actually happen. >> i don't know if that will happen. also the suggestion, though, that people just psychologically who are sort of at the end decide -- >> yeah? >> can just decide. he cites the opposite statistics, which is that people like to make holidays, they try to outlive the millennium, for example. 50% more people died the first week of january 2000 than normal. in part because there was -- people wanted to see the new millennium. the question is whether that happens for tax reasons over the next three days. a provocative idea, at least. a little -- more than a little morbid, i should say. >> in red sox nation they always said people waited until 2004 when they finally won and they could die in peace. statistics support that. but studies suggest that sometimes people can move their death a little bit one way or the other. >> people have a lot to live for in chicago. no one's died there. the cubs -- i mean, never, actually happened. but the implication is that there could be some nefarious actions taken by relatives -- >> well that was one of the suggestions in the piece. the other suggestion was that people may just decide. and that's the question you need to decide. >> not really -- you can do the feeding tube. my mother didn't want a feeding -- but i don't think -- >> such a horrible conversation to be having. >> you couldn't wait to have this conversation. you've had it before about health care. you've had it before. >> right, that's true. >> what was that piece? pull the plug on granny or something? you had -- there was some piece that you read, someone wrote it, you said it makes sense, some of our health care. throw momma from the train, you don't remember that? we had health care people on where you talked, someone had written that piece. >> my grandmother watches this program. >> well, wasn't it in -- wasn't it in "the new york times" magazine, you really don't remember? >> oh, michael wolf's piece. >> what was it called? >> cover of new york magazine the best piece ever. i love my mother, now i wish she'd die. it was one of the best pieces ever. sounds all sick. >> you are sick. >> no, no. but it was one of the most fascinating pieces about the sort of emotional family and the economics -- we got to go. coming up, president obama calling a meeting with leaders from the house and senate today. can the fiscal cliff deal be reached? we're going to astrategists fro both sides of the aisle. plus, we're going to welcome a man who knows the world of washington and wall street very well. the great grandson of the 27th president and leading financial ceo in his own right, john taft is going to be our guest host. n] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> it's getting down to the wire. >> republicans have bent over backwards. >> we're in the name situation we've been in for a long time. >> america heads closer to the edge of the fiscal cliff. how businesses are bracing for the worst, and what it means for your money. >> and could the looming trouble at the capitol be the right time to buy? >> i love gold! >> why gold could be the hottest investment trend in the new year. second hour of "squawk box" starts right now. ♪ >>> welcome back to "squawk box" here on cnbc, i'm andrew ross sorkin along with joe kernen. becky quick continues off today. our guest host, we've got two of them rbc ceo of management john taft, and ed -- did i mispronounce it? >> keyon. >> keyon. >> it's going to be a tough, long morning from quantitative management associates, he's a portfolio manager. i apologize for that. ed, the futures right now, take a look. we have some red arrows across the board. >> perfect. >> what's that? >> you did a perfect. >> dow jones looks like it will open off about 60 points, nasdaq off about 14 points and the s&p 500 looks like it will open down about 6 points or more. here are your morning headlines. president obama will meet with top congressional leaders at the white house this afternoon. 3:00 p.m. eastern in hopes of making progress on the fiscal cliff talks. in addition the house will be back in session on sunday. we've got more on all of this in a moment. while lawmakers have been preoccupied with the fiscal cliff, they've not dealt with passing a new farm bill. "the washington post" now reporting that unless one is passed by january 1st, the formula for establishing minimum milk prices would revert to the one that was in place back in 1949. the paper says that could boost milk prices more than $3 a gallon. we're going to get another read on the housing market recovery this morning. the national association of realtors is out with its pending home sales report for november. that's coming at 10:00 a.m. eastern time. looking for an increase of 1.5%. that follows a 5.2% rise in october. pending home sales, of course, a measure of home sales on home sale contracts signed but not yet out. >> a big deal. the milk. >> the milk thing could be huge. you think it would be $6? >> yeah, it could go up $3, to six bucks. two trading days left before we go across the fiscal cliff. joining us now from d.c. is jimmy williams, msnbc contributor and joe watkins, republican strategist and former george h.w. bush white house aide. he was also a romney surrogate. jimmy, do you know how much msnbc pays versus cnbc? i mean is there a reason that you feel more aligned with -- what do we got to do to get you here, anyway? >> pay me more, baby. it's called capitalism. >> oh. now -- >> the democrat speaking. >> now you like capitalism, when it applies to you. okay. we got it. jimmy, can they do anything to -- between tonight -- or they can meet with the president today, and then the house gets back on sunday. do you think they can do some stripped down bill? >> i think that -- i know they can. but they won't. and the reason they won't is because speaker boehner, who i like and you and i have talked about, cannot get -- listen, if he can't get a million bucks threshold on a tax cut through his chamber, what's he going to do get $500,000? it's not going to happen. what i think is going to happen at the white house this afternoon, though, is these folks are going to come in, sit down with the president, they're going to say, okay, we're all jumping over the cliff. so what do we do after the cliff? and that's probably a very good conversation for our nation's political leaders to have. >> jimmy, i grant you what you said is true, because all we're talking about is taxes. which is weird. >> we're talking about a hell of a lot more than taxes, joe. >> no, but jimmy, boehner couldn't get his guys to do the taxes. but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting this done. sadly this is kind of like watching a last-place football team in a two-minute hurry up offense inside the red zone. you know they're going to blow it. all they do is kick a field goal and they can't get that done. this is so unfortunate but it's not going to get done. i agree with jimmy, it's not looking good at all. i'd like to be hopeful. i'd like to be optimistic. it looks like they're going to blow it. >> jimmy, did you watch harry reid yesterday? i mean, did -- i guess mcconnell was bad, too. is there something about harry, is that a song or something? >> mary. >> something about mary. >> your hair. >> sadly, joe, i did watch it, bee i'hate ink. but, yes, i watched the tennis match between the two senate leaders and that is -- that is par normal for the senate these days. when i worked there, they would do exactly the same thing and when the cameras were off they'd go and make a deal. unfortunately that doesn't seem to be the de rigueur way of going about it today and that's sad. but listen, there's one person -- and here's what makes me mad is everyone's running around saying john boehner can't get it through his caucus. i get it, fine, whatever. it's not like the house that is ever in the driver's seat of tax bills. the house is supposed to write them and the senate's supposed to decide them. and guess what -- >> jimmy you got a democrat u.s. president, democratic chamber with the u.s. senate, why can't the president get this done? i mean, this is-ish. >> it's that simple. there are two words, they're called, i object. if you've ever worked -- raise your hand on the panel if you've ever worked in the united states senate. i don't see any hands. in the senate you got 100 egotistical men and women, which i'm fine with that. but if one of them is pissed off about something, they say i object and you can't get it through. the bottom line is, you've got one person objecting, mitch mcconnell. i like mitch mcconnell. he's not a terrible guy. but he keeps objecting and that's going to be the problem. he's going to be the decider on this. if he can get his caucus to coalesce and get 60 votes or no objections, something's going to come out of the senate. it's too late to get it done by january 1st. we're going off the cliff, boys. >> all right. how far -- >> i want to try out my idea. >> okay. >> because i still think we're talking about end of january, early february. that's where this goes. when do you think this happens? is it a massive grand bargain? ultimately has to happen, that deals with the debt ceiling, as well? are we talking about a baby deal middle of january? what does it look like? >> i think middle of january, they'll have it all wrapped up by the time -- listen, they get all sworn in on january 3rd, believe me they don't want to stick around. but they're going to have to. so the longer they sit around here the more upset they're going to be. and at that point everything is expired. so let it expire and we get to write a new book. let's write a new book. by the way, those are now going to be called the obama tax cuts. i'm calling it first. the obama tax cuts. he's going to write a tax cut bill, send it up to the hill, and they're going to pass it. >> expires on january 2nd. >> do we make them permanent, jimmy? 98% of them will be made permanent? >> i hope not. that is not the job of the government. the government's job is to raise taxes and to lower taxes when our economy needs it. that's what the senate does. john breaux, former senator john breaux from louisiana sat on the floor during the 2001 tax bill and said our job is to raise taxes when they need to be raised and lower them when they need to be lowered. that's the senate and the house's job. >> but, one man's -- is another man's -- if you look at the laugher curve you don't know when to raise and when to lower at this point. >> president obama kept bush's taxes in for two years. >> i know. >> but suddenly, you know, democrats like you love the 98%, and you hate the 2%. it's very weird. >> tell him, joe. >> don't hate the 2%. i'm not a self-loathing hater. i don't hate the 2%. >> hey, joe, before we go, you mentioned -- you heard jimmy talking about the decider. that made me think of 4-3. but my heart and mind are with 41 and you worked for him. do you know anything? >> nothing new. we're just keeping him in our prayers. we just hope that he has a speedy recovery. we hope that he has a speedy recovery from this and we're not encouraged so far, but we're hoping that he has a speedy recovery. >> some of his people, though, say that this is not -- that he probably will -- we're all hopeful, i'm hoping that -- >> we're hoping. we're hoping. i mean, that's all you can do at this point is hope. >> yeah. >> he's a great guy. and he's a resilient guy. so i mean, i wouldn't be surprised to see him bounce back. he's a resilient man. >> are you in washington? where are you right now? >> right now i'm in new york right now. i'm in new york. >> jimmy, where are you? >> i'm in washington, d.c. >> we may need you on monday. because that's -- you know that's the 31st? that's the day before we go over. did you guys realize that? you guys can work a calendar, right? >> it's my mother's birthday. it's the fiscal cliff every year, believe me. >> it is, oh, yeah. all right. happy birthday. she a mrs. williams? >> she used to be. she's mrs. bond. so happy birthday. >> all right, gentlemen. you know, you solved nothing, neither one of you. but thank you for coming on. we appreciate it. >> thanks, guys. >> happy new year. >> coming up, gold prices coming under a lot of pressure in the final trading sessions 2012. but will the yellow metal once again become a precious investment, a priceless call when we return? >> comments, questions? send them to @squawkcnbc on twitter. follow the show and look for updates from andrew, becky, joe and the "squawk" staff. "squawk box" on cnbc, and on twitter. ee, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> checking futures down just under 70 points pre-market. and, you know, with every utterance out of d.c., the futures are now moving. so i think that, you know, as options, it closer to the expiration date the time frame goes to zero, so depending on what happens they just move. that's what's going to happen now. we were being cushioned by the idea that there was still time left. now, anything they hear, the vix will go up. >> the vix is clearly going up. i wonder how far the market will go down. in the meantime, gold. gold prices up 6% for the year. the precious metal has been range-bound since coming off its high in the fall of 2011. but could failure to get a deal done on the fiscal cliff spark some serious safe haven buying? that's the question. joining us now to talk gold is president and ceo of global holdings. so that is the question. what's the answer? >> okay. well, as you said, gold has been range-bound for a little over a year now. and as far as the fiscal cliff, we're not coming close to a deal, maybe going over the cliff, you're seeing gold pulling back a little bit. so it's actually -- that is not an impetus right now to drive gold higher. now, our feelings are that we're not really going to go over the fiscal cliff in the true sense. we might in a temporary for a very brief period of time. but, once we come out of that, and the actual deal we start looking at what the deal is, the details, we're going to probably see there's no real significant cut in spending, and that the ongoing spending, and creation of additional debt is going to continue unabated, and that will be a real driver for gold. >> okay, so my second bet, though, beyond that we might be having this conversation in the end of january, middle of february, is that you're going to see fitch come out and either downgrade us or put out some kind of negative, negative, super negative -- what does that do for gold? >> that's going to be bullish. we believe, and we are pretty sure that gold is in the secular bull market, and again, that's going to be one of the drivers that's going to take it out of its range bound range. >> so give us a new range. what does that new range look like? >> okay i think in 2013 this is the big question. we're going to see gold trade upwards of 19, 19.50. it's severe resistance at 1800. it's going to take something like fitch or a deal that -- >> and if it doesn't happen? >> if it doesn't happen, gold -- >> still living in this sort of weird range? >> i think gold is still going to go into the low 1800s next year. i think it's going to break out. the timing is right. there's also a couple other elements that are really key. i mean if you look at central bank buying, you know, this is something that for the majority of this bull market, central banks are net sellers. starting in 2009, there was an abrupt turnaround, and now they're buying 120 tons since q1 of 2011. also you have the bank of international settlement reclassifying gold as a tier one asset in 2013. i mean that's significant just as far as the perspective of where gold places as money. so, whether commercial banks take advantage of that or not is yet to be seen. >> you had a question? >> yeah, chris, do you think that investors should only gold? if so why? and in what form? >> okay, i believe gold is a long-term store of wealth and should be a part of every portfolio. you know, conservative portfolio of 15%, a little more aggressively, would be 20%. now, since i believe it's a longer-term hold, we're very -- we believe that physical holding is -- is of great value. i mean this is one of the unique assets that an investor can actually own directly and not have a financial ininstrument put then between and the asset. as far as for traders or those looking for short-term exposure to the metals, the etfs and futures market are optimal vehicle. >> chris we're going to leave it there. warren buffett, of course, going along with this. that's a longer conversation. >> still to come on "squawk" unless you've been living under a rock you know the fiscal cliff is just days away. what's going to happen? anybody -- >> rock? >> everybody. >> kind of like -- >> i don't know. will anybody be able to rise above? partisan politics and come to an agreement in the final days of the year? we're going to ask vice president biden's former ch
CBS
Dec 28, 2012 5:00pm EST
an inch. >>> all right, a last-ditch meeting to avoid that fiscal cliff it appears has just wrapped up at that time white house. president obama called congressional leaders to the white house. the hope was he could hash out the framework for a possible deal. danielle nottingham joins us with the latest. okay, did they get it done, danielle? >> reporter: derek, we're just not sure what happened. all four leaders left the white house without speaking to the media. we can only assume that means this wasn't a productive meeting. top congress impressional leaders left the white house after a last-ditch fiscal k cliff meeting with president obama. the closed door meeting was an attempt to avoid the automatic tax headaches and spending cuts set to king at the start of the new year. with just three days to go republicans and democrats are still blaming each other. >> i want to thank all of you for being here to call upon the republicans not to drop the ball on the middle class. >> reporter: there was a new year's eve style rally saying the fiscal cliff ball is in the republicans court. >>
FOX
Dec 28, 2012 12:00pm PST
appears that concern over the fiscal cliff is really weighing heavily on the minds of investors so obviously keeping the markets down there. >>> all right. we have some breaking news. authorities in new york state have arrested a 24-year-old woman in connection with the shooting deaths monday of two volunteer firefighters. dawn ngyuen faces a state charge of filing a false business record. authorities that is connected to the purchase of two weapons william spengler he had with him when he shot them and his self. his brother said his sister's next door neighbor stole the guns from her. >>> the brawl that caused panic inside a mall likely led to a significant loss in post christmas sales for businesses. people ran from the exits at the mall wednesday when they heard a noise that sounded like gunshots, no shots were fired but there was a brawl. police arrested three people and the commotion led to a lock- down and likely kept thousands of post christmas shoppers out of the mall. there is no estimate yet on ham how much money they lost but spirits tell the bee it is likely a significant amount. [ singing ] ♪ [ music ] >> powered by people wh
CSPAN
Dec 28, 2012 12:00pm EST
cliff. both parties head to the white house today to discuss the fiscal cliff with the president. it's at 3:00 p.m. eastern in the oval office. senate in recess until 2:00 p.m. eastern when the senate reconveneses, live coverage here on c-span2. >>> and right now on c-span2 a conversation with nebraska senator ben nelson who is retiring after two terms. >>> retiring senator nebraska ben tell me sop. years that began with the 2003 recount and reended with re-election of president obama. if you could think of the adjective to describe these years what would it be? >> clearly interesting. challenging. sometimes totally frustrating. but also full of opportunities for the country. there was some good times during the twelve years laced together with some that weren't so good. 9/11, the anthrax scare. there were positive things as well, the election of president obama, i thought it was a positive statement for the country and moving forward in a way that we have tried to move forward out of face -- fiscal as by now we came out of a fiscal as by during the times. it's a hodgepodge during at love different things. i couldn't imagined to have been here during a better time. >> let me get deeper and ask you tell me what was the high point of the entire
CNN
Dec 28, 2012 11:00am PST
off today. the time is now for that last ditch effort to avert the fiscal cliff. if they're sticking to the schedule, the president is sitting down right now at the white house. inside that building you see right there. he's sitting down with the top four leaders of congress. they're trying to find a way to prevent the january tax increase that's about to wallop taxpayers. a short time ago, we got a glimpse of how speaker john boehner. he was on his way to the white house. and just moments ago, we saw the top senate democrat, harry reid, pull up to the west entrance, and into the white house through a side door. jessica yellin standing by for us at the white house on the lawn, set the scene for us if you will. it is very dramatic. >> reporter: it is game time here at the white house. if they're going to reach a deal, this is the meeting where they'll do it. i understand both leader reid and leader mcconnell from the senate have arrived. we have not seen speaker boehner or nancy pelosi, leader pelosi walk into the white house yet. before i plugged in at least she hadn't, they hadn't arrived. but it is a matter of minutes until they should a
NBC
Dec 28, 2012 5:00pm EST
business. >>> coming up, the real impact of going over the fiscal cliff, how it will affect your paycheck right away. >>> i'm tracee wilkins in prince george's county. coming up, clergy, children, folks who live in this county remember sandy hook by gathering for prayer in front of a gun shot. i'll have that story coming up. >>> another winter storm making its way. more cold air. >>> we continue right now to follow the latest on the fiscal cliff talks. in just a few minutes, president obama is expected to speak to the media. he's been in meetings all afternoon with congressionally leaders. those meetings wrapped up just over an hour ago. at this point, no word of an agreement. >>> so what if there is no deal? what's the impact of going over the clip for you and your family? we8, right away on your next paycheck you'll see an increase of 2% in the social security tax. for the average family that's about $1,000 more every year. now, something that might take a few weeks, income tax rates will also rise for everyone. if you make between $50 and $75,000, you'll stand to lose about $92 every paycheck. fo
FOX Business
Dec 28, 2012 6:00pm EST
. >> thank you. >> happy new year. gerri: how would you describe today's closed-door fiscal cliff meeting between the president and congressional leaders? do you believe it was a political stunt or real negotiation? la mancha gerriwillis.com, vote on the right-hand side of the screen, i will share the results of the end of the show. still ahead tonight, it's not just the fiscal cliff mess that congress has left undone. there is a whole lot of other work that our lawmakers should have done this year but did not. i will tell you all about it. and we will be right back gerri: president obama calling on congress to act to avoid the fiscal cliff. the president said he is optimistic. modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get this done. it's the right thing to do for our families and our businesses and for our entire economy. but for immediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been telling you that for weeks. democrats and republicans alike should rename their parties
CNN
Dec 28, 2012 1:00pm PST
the meeting that may be the last best chance to keep the country from going over the fiscal cliff. right now, the leaders of the house and senate are sitting down with president obama in a search for an 11th hour deal to prevent severe tax hikes and spending cuts from automatically kicking in with the new year. cnn's chief white house correspondent jessica yellin is getting new details. jess can ka, what are you hearing about that meeting? >> reporter: candy, the president is going to explain or reiterate the position he took on friday, that he would like a plan that extends tax rates for people who make $250,000 and below but raises them for those who make more than that. that it extends unemployment benefits for americans. and if the president, i'm told will say if he does not get an agreement to that plan, he will ask the other leaders what they can agree to, what what they would like instead. if they cannot come up with a proposal that will pass the house and the senate, will ask for a vote on his measure. but that meeting, candy, is still going on. congre congressional leaders arrived a
KRON
Dec 28, 2012 6:00am PST
days to reach an agreement or the u.s. economy will go over the so- called fiscal cliff. that's when automatic tax increases and spending cuts would take effect. reaching a deal before then what be easy. right now both sides are involved in a high-stakes political blame game. >> we in washington are working while the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president i would be happy to look at whatever he proposes but the truth is we're coming against a hard deadline here. i said this is a conversation we should have had months ago. >> former president george h. w. bush is still in intensive care at a hospital in houston with a stubborn fever. the family is, that he will be out of the i see you sound. the chief of staff said supporters a note yesterday including " he would ask me to tell you please put the sharks back in the closet " the 88 year- old has been in a hospital for more than a month after first coming down with bronchitis. >> a live look at the james lick and traffic is light. it is very cold and we will have updates on your forecast. also wall street reacted t
CNN
Dec 27, 2012 5:00pm PST
the nation over the fiscal cliff, that their opponents have something to gain by letting the deadline pass. do they have a point? do either have anything to gain if there's no deal in time? >> right now, both sides are trying to win a pr war. as we have been saying, it's increasingly likely we go over the cliff. now there's just a lot of posturing. for republicans. it's a lot of arguing to the base because what they're trying to do, they can't be seen as raising -- voting to raise taxes on people. for democrats, it's positioning for the larger public because they have to be seen as, in their view, upholding the president's promise made during the campaign to increase taxes on the wealthiest and hold them down for middle-class americans. right now, the polling is with the president and with democrats. but if we go over the cliff, it's not hard to project that in a few weeks' time, all of that is going to shift, and the american public will blame everyone in washington, and everyone will be hurt. so the two sides have to make a deal in short order, whether it's before january 1st or in two weeks after, they have to get something done. >> they certainly do. dana, jessica, thank you very
CNN
Dec 27, 2012 10:00pm PST
sides have decided it's in their political interest to go over the fiscal cliff. is that right? >> yeah, you never want to rule a deal off the table because we have lived through so many rounds that have ended in deals in the last couple years, but in this case, i think democrats think they get a better deal on policy by going over the cliff. that they end up getting more in taxes with less in spending cuts than they would get if they had to cut a deal right now. and republicans have persuaded themselves not completely convincingly in my view, but they have persuaded themselves it's much better to accept slightly higher taxes that they themselves don't have to vote for directly, even though they'll still be casting a vote for new tax rates, they'll be able to say, well, taxes have already gone up and we're just voting to cut them. so that's sort of how, at least, i think both sides are persuading themselves to sort of tip-toe off the cliff. >> and charles, i know you think republicans have more to lose here, but does either side get a boost from this? >> i don't think you get a boost, b
CBS
Dec 28, 2012 6:00pm EST
goakd up with a small kick the can down the road bill that creates another fiscal cliff to deal with this fiscal cliff. >> the president did say deja vu all over again. if corker is right, we are going to say some of the same machinations we've seen before. if it doesn't happen, the president wants that up or down vote on his plan. >> remember night, monday night is new year's eve when it all could go bad. >> and happy new year to you. >> thank you, gary. >>> and economists are warning that going over that fiscal cliff could pull us all back into recession. congress impressional democrats attended a new year's eve style rally saying the fiscal cliff ball is in the republican court. surae chinn is on capitol hill. >> i'm urging congress to take action, stop playing games, and let's move on. >> reporter: frustration has boiled over for bob packer, a small business owner. >> i'm disappointed and angry. if they were my representeddives, i'd certainly vote them out of office. >> on tie mitchell of brokering a deal is waning. >> we do have a chance, an outside chance to get this done. >> we need two words. presidential leadership, on not just taxing rich people. >> reporter: som
FOX Business
Dec 28, 2012 1:00pm EST
the fiscal cliff that is right in front of us today. >> this is not something we are going to wait until the last day of december to get it done. adam. adam: proof words are cheap. it's the end of diecious, and absolutely nothing was done. why does it come down to the wire? republican senator of north dakota joining us now from capitol hill. sir, we appreciate you being with us, you were on fox business the other day, and are we going to have a deal or as some people are saying, do both sides want us over the cliff because it's easier to restore spending cuts? >> i'm in the camp to just keep pushing. that's where i'm coming from. as you said, the president and the leadership and the congress will have a meeting today at three o'clock, and so by four, they'll come out, and we'll have a better idea as to whether or not they'll come up with something, but regardless, for myself, and, i think, a lot of the senators and members of congress, we're just going to keep pushing because we got to come together and get people to agree on some kind of package. >> are you hearing anything from t
CBS
Dec 28, 2012 4:00am EST
. they're not committing to projects. they're waiting to see what happens with the fiscal cliff. >> hope is fact if congress can get it done before january 1st. even congressional leaders are skeptical. >> the american people have a right to be very upset with this congress. >> president obama has invited nancy pelosi, john boehner, mitch mcconnell, and harry reid to the white house this afternoon for a fiscal cliff summit. >> here we are five days from the new year, and we might finally start talking. >> today's white house meeting might be the last chance to come to an agreement. that's because it takes time for a bill to work its way through both chamber of commerce. >> i don't know time wise how it can happen now. >> under senate rules, the only way a bill could make its way through the procedural hurdles in time is if every senator agrees not to. they'll have 24 hours. outside the beltway, carlino will be watching. >> everyone is kind of in a wait-and-see and fingers-crossed per expect tichb right now. >> since 1930 this is only the fifth time congress has worked after christmas. and today's summit is the first time president obama has met face to face with congressional leaders since mid-november. duarte, tick tock.
CNBC
Dec 28, 2012 2:00pm EST
. i'm staying good-bye here. imheading off to the closing bell. up next what the fiscal cliff could mean for mom and pop retailers. >> i predict "street signs" will be back right after this. >> you're a genius. ething. ♪ the lexus december to remember sales event is on. this is the pursuit of perfection. i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depressed mood and suicidal thoughts or actions while taking or after stopping chantix. if you notice any of these stop taking chantix and call your doctor right away. tell your doctor about any history of depression or other mental health problems, which could get worse while taking chantix. don't take chantix if you've had a serious allergic or skin reaction to it. if you develop these stop taking chantix and see your doctor right away as some can be life-threatening. if you have a history of heart or blood vessel problems, t
FOX Business
Dec 28, 2012 9:20am EST
lawmakers to do this weekend at least as relates to the fiscal cliff. stuart: i'll be interested to see what happens on the market comes monday morning, if there's nothing coming out this weekend. rich edison right on it, thanks very much indeed. >> thanks. stuart: and everybody, you're going to be angry at the next story. on christmas and hanukkahs, many youngsters and teenagers went on twitter to complain about their presents. i'm going to give awe couple of examples, john said i wish i had some filthy rich he will tifs. relatives, my presents sucked. forgive the language. she said all i got was gift cards, my sucks at giiing presents. crystal, the worst, i hate my white iphone. i just wanted to have a black one. oh. complaining about getting a iphone just because it's a color that's wrong? that's disgraceful. joining us now miriam walllock, mother of six, the kids, that is would never complain about a gift, would they? >> well, listen, my kids are not angels, they are kids, but i think there are a lot of fastets to the story, to be explored and my first reaction, what a hutspa. the audacity of a child to think they have the right to speak that way, to speak to a adult that way. to take something
MSNBC
Dec 28, 2012 3:00pm PST
get. and those are going to be cut back, too. i don't think the fiscal cliff problem hit social security or medicare right away. they kind of sealed that off from se questions ration. but you mentioned unemployment before. there are a variety of other government programs that will be drastically cut back on tuesday morning if we don't get some kind of a deal by monday night. >> you know, ryan, when you look at -- when clarence was talking,ives looking and i think i have it. bills that republicans and congress have blocked this year. a bill that would have increased the minimum wage, a buffet rule bill, the employment, nondis crimination act that would have prohibited hiring people on the basis of sexual orientation. a u.n. treaty to protect the rights of disabled people around the world and the paycheck famous act so that women don't get paid less than men for doing the same job. i mean, there's been a variety of bills that they have seen not go past. they have actually stopped in a variety of ways that would have helped the american people. >> yeah, and you can throw the violence against women act, reauthoriz
CSPAN
Dec 28, 2012 9:00am EST
the fiscal cliff. number one, speaker boehner, bring the house back now. show up to work. it's time for the house to do their work can show up. two, as senator harkin said, the ball right now is in the house corp.presentatives' because the senate has passed a bill with a majority votes that would extend middle-class tax cuts. that is sitting right in front of the house of representatives. there is nothing -- i repeat nothing -- stopping speaker boehner from taking that bill up for a vote in the house of representatives today. today. there's nothing stopping bad except for the fact that they're still on vacation around the country. if we were to take up that bill, i'm confident it would pass by a majority vote in the house of representatives. what we're asking for the house to come back to work and to allow the people's house to work its will instead of turning over the keys to the tea party caucus in the house republican party. that is what speaker boehner has done through this artificial world, a rule that is not a lot, not in the constitution, that he will not even allow a vote unless a majority of his republican members are in favor. even though a majority of the member
CNN
Dec 28, 2012 4:00am PST
structural pressures. >> that's right and that's what underlies the fiscal cliff. they're looking out beyond 2020, all these people retiring, providing defense costs more and more because of less efficiencies in government stuff so the calculus isn't good. it isn't good for us or anyone but there are things to do. there are a lot of things we can do better, more private infrastructure spending, improving our education system, making entitlement systems, means tested. >> shifting federal spending from consumption to investment as for the future. >> all right, ken thanks very much, and we'll be leaning on you for guidance over the course of the next few days. >>> who doesn't want a little eva longoria in her life. she's helping fellow latinas get a college education. are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ >>> yesterday we brought you the shirtless matthew mcconaughey. today something the men at the desk can enjoy, eva longori
FOX News
Dec 28, 2012 1:00pm PST
would be better than going over the fiscal cliff. it will hurt but five, ten years down the nothing, we'll be better and healthier. we just got news that president obama was going to meet or a phone call meet with some business leaders. >> right. the white house calling c.e.o.s, a regularly scheduled meeting. presumably it's a regular scheduled meeting not to say we're going over the fiscal cliff. >> the president won't be doing this but the white house will be. >> that's right. it will be interesting to see if we get response out of this. people in the meeting with the president could come to the microphones. so could c.e.o.s. >> we wanted to let you viewers know we're going to monitor the white house. we have two cameras focused on the white house waiting for the leaders to leave and specifically see if they approach a microphone and camera and let us know what's going on. we'll take that if we get that. thank you, gerri willis. >> you know how he protected other nation's border but wait until you hear how sheriff aarpaio wants to protect our schools. he's here next. blah >>> you're looking live at the white house just outside the white house, senator john kerry, for some reason he's outside the white house. inside, president ob
FOX News
Dec 28, 2012 8:00am PST
. >> thank you. jon: well, right now as the clock winds down toward the fiscal cliff deadline and looming tax hikes and spending cuts, that will impact nearly every single american we are just hours away from a crucial white house meeting of the president obama and leaders from the house and senate will sit down for their first face-to-face since november! but what can they hope to accomplish with so little time left, and at this point do they even want to come up with a solution? joining us oklahoma congressman james langford, incoming chairman of republican policy committee and serves on the house oversight and budget committees. congressman, are we going over the cliff? >> well we certainly hope so, hope not actually, but trying to get this resolved. the house as you know full well passed all of our sequestration documents in may. passed all of our tax documents in august and we have waited for the senate all this time and for the president frankly all this time. frustrating for the house did all our work early and be at the point we never hoped to be at. jon: when senate major
FOX News
Dec 28, 2012 12:00pm PST
could determine whether or not our nation plunges right off the fiscal cliff. take a live look at the white house where president obama called the top house and senate leaders from both parties to try and hammer out a deal avoiding the tax hikes and crippling spending cuts. remember analysts say falling off the fiscal cliff could drive the u.s. into another recession. more than a month has passed since the last time they got together. the obama administration called that mid another meeting constructive but there has been little to no progress. today lawmakers on both sides of the aisle tried to strike an optimistic tone. >> millions of americans are out there struggling and certainly they deserve a congress that will avoid going over the fiscal cliff, which is why the president has been working hard to bring leaders together. >> we can't continue to kick the can down the road with half measures. i think the market will respond in a permanent and negative way to our inaction. >> the chairman of the senate finance committee says it comes down to this meeting adding i wish them luck. it
FOX News
Dec 27, 2012 10:00pm PST
here, to be available if there is a last-minute deal to avert the fiscal cliff. it's a positive sign that if congressional leaders reach some type of deal, the house and senate will be in town to get votes on the record. >> right now the spending that we have in washington d.c. is affecting this country. >> i hope the speaker and his republican party will be here, democrats, working to finish the task in reaching an agreement to avert the fiscal cliff. >> barrasso said president obama is eager to go over the fiscal cliff. senator barrasso joins us. well, why do you say that? >> well, i think the president sees political victory at the bottom of the cliff in term of the increased tax money coming in that he can spend for other programs. i think he sees a lot the military which the democrats have been after for a long time and then he gets to do what he loves to do, is to blame republicans. my concern is that i actually see financial problems for our nation at the bottom of the cliff and that's why i want to get a solution. >> tomorrow do you think it's going to be the beginning of the emergency meeting at the white house, is it the beginning of a deal or is it a political drama? >> my concern is it may be a politic
ABC
Dec 28, 2012 5:00am PST
capitol hill hoping to avoid the fiscal cliff. spending cuts and tax hikes will go into effect unless lawmakers can broker a deal. >> reporter:cx$z president obama will4zkn:eÑ with congressional leaders later today at the white house. it may be too late for a deal. there are just four days left before the fiscal cliff deadline. >> i have to be honest mr. president, i don't know timewise how it can happen now.((?u >> reporter: harry reid lashed out at house speaker bane area out at house speaker bane area caution him ofrm" dictatorship. >> boehner seems to care more about keeping his speakership than keeping the nation on firm financial footing. >> reporter: republicans blame democrats. >> republicans aren't about to write a blank cheque or anything senate democrats put forward just because we find ourselves at the edge of the cliff. that wouldn't be fair to the american people. >> reporter: president obama flew home early from his speaker boehner call the house back into town for an unusual sunday session. members of congress understand the 11th hour actions may not be enough to app
MSNBC
Dec 28, 2012 2:00am PST
the wages increase. so people are going to feel this in their pocketbooks. >> all right, danielle, thank you. >>> last night on the rachel maddow show, debbie stab nau talked about the looming fiscal cliff. >> i'm not sure what's next. i can tell you, the senate's here, we're in session, we had votes tonight. the president is here. i'm the eternal optimist. we can pass the farm bill that we passed last june. by cutting subsidies for wealthy farmers. so, there's a lot of things that we can do but it's going to take the speaker deciding that he wants to work across the aisle to get it done. >> you can catch the rachel maddow show right here on msbnc on 9:00. >>> retired four-star general norman schwarzkopf died thursday at his home in tampa, florida. he was 78. the hard-charging general, was most famous for leading coalition forces to victory during the first persian gulf war in 1991. under his command it took troops just six weeks to drive saddam hussein's army out of kuwait. gener schwarzkopf is survived by his wife brenda and their three children. >>> former president george h.w.
MSNBC
Dec 28, 2012 2:00pm PST
the first battle. they want to win the war. they don't want to get totally bruced in this fiscal cliff situation. they're willing to buckle a little bit on rates right now but ultimately when they talk about the debt ceiling, they think they can some other things they can attack 37. >> sam, is the obama white house this good? is this divide and conquer? >> well, first of all, no, they're not that good. and, you know, it's ironic because had boehner taken that last offer that obama gave him, one that would have changed the benefit structure for social security, it would have ended up fracturing the democratic base in some respects. a lot of progressives were upset the white house was even going there. they thought he didn't need to make that concession. a lot of this is the house republicans' own fault they're in in corner. they could have taken a deal, could have take an deal in the summer of 2011 which would have been more favorable to them. they didn't do either. >> if obama is coming out and from what we're hearing he's not making a real offer. he's coming out with $250,000 staying with what he had before christmas. he's playing hardball. if he came
CNN
Dec 28, 2012 2:00am PST
editiof "360." thanks for watching. "early start" begins right now. >>> crunch time for the fiscal cliff. the key players to meet at the white house with just four days left until the deadline. >> they called him stormin norman. america remembering general norman schwarzkopf. >> and have gun, will teach. hundreds of educators get a hands-on lesson in firearms. controversial proposal. good morning. welcome to "early start." 5:00 a.m. in the east. >>> it is the last friday of 2012. i've just had that pointed out to us. one final desperate attempt to dodge the fiscal cliff, just four days left before we go over the edge triggers tax hikes, spending cuts that could send the nation back into recession. the president calling for members of the congress the back. a gang of six attending. vice president biden, harry reid, house minority leader nancy pelosi, mitch mcconnell and john boehner representing the republicans. brianna keilar is live from washington. is anybody optimistic that a deal could be done today around a table? >> i will tell you the optimism is sort of sinking. senate majo
CSPAN
Dec 28, 2012 2:00pm EST
country is four days away from hitting the middle class when we go over the fiscal cliff. number one, boehner, bring the house back now. show up to work. it is time for the house to do its work and show up. two, as senator harkin said, the ball right now is actually in the house of representatives court, because the senate has already pass a bill with a majority vote. this would extend middle-class tax cuts, and that bill is ront of theht in frie house. there is nothing preventing the house from taking that up-to- date. they are still on vacation around the country, and if we were to take up that bill, i am confident it would also pass by majority vote in the house. now, what we are asking for is for the house to come back to work and to allow the house to work its will instead of turning over the keys to the to party caucus in the house republican party, because that is what boehner has done to this artificial world, a rule that is not in law, not in the constitution. he says he will not allow a vote in the house unless a majority of his republican members are in favor of gatt. even though a majority of the members of the house, duly elected by the american people, would vote for the senate- passed bill, he is saying that we will not
ABC
Dec 28, 2012 4:00am EST
congress. >> reporter: the fiscal cliff would bring massive tax increases and deep spending cuts. the treasury department would have trouble paying its bills. many economists worry the financial woes would plunge the u.s. back into a recession. just one possible effect of the fiscal cliff. milk prices could spike $2 or $3 a gallon, because farm programs will expire at the end of the year. some are calling that dairy cliff. live in new york, wendy gillette. >> wendy gillette in new york. thank you. >>> the country has lost one of its great warriors. tributes are pouring in this morning for retired general norman schwarzkopf. the general died yesterday in tampa after a battle with pneumonia. schwarzkopf commanded "operation desert storm" that drove iraqi forces from kuwait. in retirement, he championed causes. norman schwarzkopf was 78. >>> now, to former president george h.w. bush's condition. his chief of staff says he will be in the hospital for a while. the 41st president is recovering from a terrible case of bronchitis with a series of complications. she says that mr. bush is getti
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